The Future of Film in the Metaverse
What's in store for cinema and TV with the introduction of VR and NFTs?
Photo Source: Performance Communications
It’s no secret theaters have been winding down since the COVID-19 pandemic, but with Web 3.0 and the metaverse on the rise, what’s in store for the film industry?
The future of cinema and TV in the metaverse has yet to be proven, provoking a variety of predictions by industry experts, but companies have started to make their marks with patents and NFTs. According to “The Film And TV Revolution Through NFTs And The Metaverse” in Forbes, NFTs are being used to monetize scenes, art, and whole pieces of film or programming content for commercial growth.
Reese Witherspoon, actress and founder of media company Hello Sunshine, signed a deal with World of Women (WoW) NFTs, an inclusive Web 3.0 platform sharing NFT art pieces. “We’re proud to partner with WoW to expand their universe of characters and to develop innovative scripted and unscripted content,” Witherspoon told Forbes.
NFTs are not only being used to expand film ideas, but fund them. A new platform called Ritestream allows content ideas to be funded by “Ritecoin” tokens. According to Forbes, NFTs for these ideas are minted pre-production and funds are released throughout production, which enables the content to be released as an NFT when completed. This process is aimed to encourage the development of cinemas in the metaverse.
Although the way people will watch films in the metaverse is under configuration, some companies have already started airing their versions of metaverse content through virtual reality (VR) and augmented reality (AR).
According to “Metaverse hits TV biz” by The Korea Times, MBN, a TV network in Korea, debuted “Avatar Singer” on Aug. 26. This series features a competition among real musicians who hide their identity and perform through virtual avatars until a panel can guess who the real musicians are.
Photo Source: MBN/The Korea Times
This is one example of what film in the metaverse may look like, but there are differing opinions on how it will be carried out.
Will people get rid of their TVs? Will people stop going to the movie theater?
According to “Metaverse Cinema & TV” by Hollywood Insider, the format of films will transform into a 3D space through VR technology and interactions. On the opposite end of the spectrum, some people think there won’t be any changes.
Regardless of what the future holds for film, companies in the industry all around the world are preparing. According to “Explained: Metaverse and how it will shape the future of cinema, filmmaking and viewing” by India TV News, a production house in India, Pooja Entertainment, acquired virtual land in the metaverse for future projects, known as Poojaverse.
Streaming service Hulu is also presumed to be hopping on the trend after letting out a job alert for a Culture Trend Marketing Manager with knowledge of metaverse, crypto and NFTs, according to “Hulu is preparing to enter the metaverse, crypto, and NFT space” by Cryptopolitan.
Disney, Hulu’s parent company, has already launched an NFT collection called Golden Moments with trademarks for Marvel Studios, Pixar, Star Wars and more, according to “Discover how to buy Disney NFT and get iconic characters” by Cryptopolitan.
Advancements are being made to enhance the storytelling aspect of film in the metaverse and make the industry more profitable through NFTs. Are you ready for this next film era?